VANCOUVER, BC, June 30, 2025 /PRNewswire/ – TELUS Corporation (the “Company”) today finalized the pricing terms for its previously announced cash tender offers, aimed at repurchasing up to a specified maximum amount of its outstanding notes. This move signals a strategic adjustment in TELUS’s debt management approach. The details were laid out in the Offer to Purchase dated June 20, 2025, as amended.
The Offers were structured and are subject to the conditions outlined in the detailed Offer to Purchase document. Any capitalized terms not defined here carry the same meaning as established in that document.
The table below provides a snapshot of the aggregate principal amounts of notes that will be purchased, along with the reference yields and total consideration for each series of notes validly tendered and accepted by the Company.
| Title of Notes(1) | Principal Amount Outstanding (in millions) | CUSIP / ISIN Nos.(1) | Reference Security | Bloomberg Reference Page | Reference Yield(2) | Fixed Spread (Basis Points)(2) | Total Consideration(3) | Principal Amount Accepted (in millions) |
| 3.95% Senior Notes, Series CAB due February, 2050 | C$800 | 87971MBP7 / CA87971MBP73 | CAN 2¾ 12/01/55 | FIT CAN0-50 | 3.579 % | +145 | C$848.56 | C$694.7 |
| 4.10% Senior Notes, Series CAE due April, 2051 | C$500 | 87971MBT9 / CA87971MBT95 | CAN 2¾ 12/01/55 | FIT CAN0-50 | 3.579 % | +145 | C$866.61 | C$421.9 |
| 2.05% Senior Notes, Series CAD due October, 2030 | C$500 | 87971MBS1 / CA87971MBS13 | CAN 1¼ 06/01/30 | FIT CAN0-50 | – | +70 | – | – |
| 4.40% Senior Notes, Series CU due January, 2046 | C$500 | 87971MBB8 / CA87971MBB87 | CAN 2¾ 12/01/55 | FIT CAN0-50 | 3.579 % | +150 | C$913.92 | C$266.8 |
| 4.40% Senior Notes, Series CL due April, 2043 | C$600 | 87971MAS2 / CA87971MAS22 | CAN 2¾ 12/01/55 | FIT CAN0-50 | – | +150 | – | – |
| 2.85% Senior Notes, Series CAF due November, 2031 | C$750 | 87971MBV4 / CA87971MBV42 | CAN 1½ 06/01/31 | FIT CAN0-50 | – | +90 | – | – |
| 4.70% Senior Notes, Series CW due March, 2048 | C$475 | 87971MBE2 / CA87971MBE27 | CAN 2¾ 12/01/55 | FIT CAN0-50 | – | +160 | – | – |
| 4.75% Senior Notes, Series CR due January, 2045 | C$400 | 87971MAY9 / CA87971MAY99 | CAN 2¾ 12/01/55 | FIT CAN0-50 | – | +160 | – | – |
| (1) The Company makes no representation regarding the accuracy of CUSIP numbers or ISINs; they are provided for convenience. |
| (2) “Reference Yield” is based on the bid-side price of the referenced security, as quoted on Bloomberg at 11:00 a.m. (ET) on June 30, 2025. The “Offer Yield” is the sum of the Reference Yield and the Fixed Spread. |
| (3) This amount is per C$1,000 principal amount of notes validly tendered and not withdrawn by the Expiration Date (June 27, 2025), excluding accrued coupon payments. |
The fulfillment of the financing condition, as stipulated in the Offer to Purchase, has been confirmed by TELUS’s recently concluded offering of US$1.5 billion in junior subordinated notes.
Settlement
TELUS expects to settle these transactions on July 3, 2025. Holders whose notes are accepted for purchase will receive the Total Consideration, plus a pro-rated amount of accrued and unpaid interest from the last interest payment date up to, but not including, the Settlement Date. Upon settlement, tendered notes will cease to accrue interest, and holders will relinquish their rights as noteholders for those specific securities.
The repurchased notes will be retired and cancelled. Any notes not purchased will be returned promptly to their respective holders.
Leading this debt management initiative are RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., and TD Securities Inc. as the primary dealer managers. They are supported by a group of co-dealer managers including Desjardins Securities Inc., National Bank Financial Inc., J.P. Morgan Securities Canada Inc., SMBC Nikko Securities Canada, Ltd., Wells Fargo Securities Canada, Ltd., and ATB Securities Inc.
Computershare Investor Services Inc. is facilitating the tender process as the Tender Agent.
Should TELUS decide to terminate the offer for any series of notes, prompt notification will be issued to the Tender Agent, and all tendered notes will be returned. Notes held in CDS will be released upon such termination.
Offer and Distribution Restrictions
These offers are exclusively governed by the terms detailed in the Offer to Purchase. This announcement is not an offer to buy or sell securities in the United States, nor is it intended for U.S. persons or in any jurisdiction where such offers are prohibited. All actions taken have been to ensure compliance with applicable regulations, preventing the unauthorized circulation of this information in restricted jurisdictions.
In jurisdictions where a licensed broker or dealer is required for such offers, they will be executed by the Dealer Managers or appropriately licensed entities.
This release is for informational purposes only and does not constitute an offer to sell or solicit an offer to buy any TELUS securities.
Forward-Looking Statements
This news release contains forward-looking statements regarding the terms and completion of the tender offers, including the expected Settlement Date. These statements are based on current assumptions and are subject to various risks and uncertainties, including capital and debt market fluctuations. Investors are cautioned that actual results may differ materially from these projections. For a comprehensive list of risk factors and qualifications, please refer to TELUS’s publicly filed documents, including its 2024 Annual Management’s Discussion and Analysis and its first quarter 2025 Management’s Discussion and Analysis, available on SEDAR+ and EDGAR.
About TELUS
TELUS is a leading global communications and technology company, renowned for its extensive reach across over 45 countries and impressive annual revenues exceeding C$20 billion. With a dynamic customer base of over 20 million, TELUS is at the forefront of delivering advanced broadband services to consumers, businesses, and the public sector. The company is deeply committed to harnessing technology to drive positive human outcomes, prioritizing customer experience and championing social capitalism. TELUS Health is making a significant impact, aiming to improve well-being through innovative technologies in over 200 countries. Its TELUS Agriculture & Consumer Goods business leverages digital solutions to enhance the producer-to-consumer value chain. Driven by a powerful “give where we live” ethos, TELUS and its team have demonstrated exceptional philanthropic commitment, contributing over C$1.8 billion in cash, in-kind donations, and volunteer time since 2000. Discover more at telus.com or follow @TELUSNews and @Darren_Entwistle on X and Instagram, respectively.
Investor Relations
Bill Zhang
[email protected]
Media Relations
Steve Beisswanger
[email protected]
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SOURCE TELUS Corporation
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